Single and carefree?
Find out why financial planning is needful for individuals from birth onwards even if they remain single

Single

Financial planning for individuals, in a sense, starts from the moment of birth.

It costs money to raise and educate a child and the hope is that he or she does well and makes a good living. This concept of economic value of life means that children too have economic value, and parents would want to insure them, if they can afford it.

As for medical needs, children are just as prone, if not more so, to diseases than adults, and medical insurance is a safeguard.

Once a child starts working, he or she should do a financial plan to take care of protection needs, savings and investments.

The good news is that at a young age, they are usually insurable and premiums are low.

As a person grows older, there is a greater risk that he becomes uninsurable due to medical conditions. And premiums usually increase with age.
For older singles, the weight of retirement rests on them singly, including the cost of medical problems.

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